|Over a week ago|
ConnectOne Bancorp board increases quarterly dividend 22.2% to 11c per share » 07:0904/2904/29/21
ConnectOne Bancorp announced that its board of directors declared a cash dividend on its common stock of 11c per share. This cash dividend represents a 2c, or a 22.2% increase from the prior common dividend declared on January 28. The dividend will be paid on June 1 to shareholders of record on May 17.
ConnectOne Bancorp reports Q1 EPS 82c, consensus 67c » 07:0804/2904/29/21
The company's stockholders' equity was $935.6M as of March 31, 2021, an increase of $20.3M from December 31, 2020. The increase in stockholders' equity was primarily attributable to an increase in retained earnings of $26.5M, partially offset by a decrease in accumulated other comprehensive income of $3.5M and an increase in common stock repurchases of $2.4M. As of March 31, 2021, the company's tangible common equity ratio and tangible book value per share were 9.91% and $18.02, respectively. Total goodwill and other intangible assets were approximately $219M as of March 31, 2021 and $219M as of December 31, 2020. Frank Sorrentino, ConnectOne's chairman and CEO stated, "ConnectOne's strong first quarter results reflected continued margin expansion and industry-leading operating efficiency. While our return on assets and return on tangible common equity expanded significantly to 1.78% and 19.08%, respectively, largely due to the recapture of credit loss reserves, our operating net revenue to average assets also increased, further solidifying our status as a top performer in the banking industry. Operationally, we're using the full range of the company's banking expertise to help our clients and had a robust quarter in terms of overall loan production. While our first quarter loan growth was offset by paydowns, resulting from an excessive amount of liquidity in the marketplace, we're seeing strong demand, bolstered by an improving operating environment in the New York Metropolitan area. We are very pleased with our existing loan pipeline, which is at the highest level in the Company's history and expect net loan growth to accelerate in the quarters ahead. Further, as vaccines continue to work their way through our core footprint, we're anticipating a significant uptick in our client activity in the near future."
|Over a month ago|
ConnectOne Bancorp initiated with a Buy at Seaport Global » 07:0202/1802/18/21
Seaport Global analyst…
Seaport Global analyst David Bishop initiated coverage of ConnectOne Bancorp with a Buy rating and $27 price target. The continued valuation discount to the bank's NE commercial bank peers despite a track record of healthy PTPP ROA generation leaves the shares moderately discounted to what Bishop believes is a fair valuation closer to peer levels, the analyst tells investors in a research note. Bishop is a fan of the story and believes the efficient and focused NJ-based bank CEO Frank Sorrentino has built bears strong consideration for addition for both value and GARP-oriented investors.
ConnectOne Bancorp initiated with a Buy at Seaport Global » 06:1702/1802/18/21
Seaport Global analyst…
Seaport Global analyst David Bishop initiated coverage of ConnectOne Bancorp with a Buy rating.
|Over a quarter ago|
ConnectOne Bancorp reports Q4 EPS 64c, consensus 54c » 07:1401/2801/28/21
The Company's stockholders' equity was $915M as of December 31, 2020, an increase of $184M from December 31, 2019. The increase in stockholders' equity was primarily attributable to the acquisition of BNJ, which increased capital by $118M, and an increase of $60M in retained earnings. As of December 31, 2020, the Company's tangible common equity ratio and tangible book value per share were 9.50% and $17.49, respectively. As of December 31, 2019, the tangible common equity ratio and tangible book value per share were 9.38% and $16.06, respectively. Total goodwill and other intangible assets were approximately $219M as of December 31, 2020 and $168M and December 31, 2019. CEO Frank Sorrentino stated, "ConnectOne had a great finish to the year and I'm extremely pleased with the continued execution of our operating strategies. We reported record pretax, pre-provision earnings, our net interest margin widened for the fourth consecutive quarter, we have begun to reengage in organic loan growth, and our efficiency ratio improved to 39.5%. Even with an additional $5 million in loan loss provisioning, we delivered outstanding performance metrics for the quarter. Return on assets was 1.4% and our return on tangible common equity exceeded 15% while our tangible book value per share increased by $0.62 per share, or nearly 4%, in just one quarter to $17.49. Consistent with the progression we have anticipated, total COVID-19 related deferrals as of year-end fell to $210 million, or approximately 3.5% of total loans. Our hearts go out to those who were impacted by the virus as we also watched our communities demonstrate resilience and strength. I'm equally proud of the role the ConnectOne team played in supporting our clients during this challenging time and grateful to our Board of Directors for their unwavering commitment and guidance. We continue to operate our Bank efficiently and effectively and are optimistic that the operating environment will continue to improve throughout 2021, resulting in strong growth, favorable lending spreads, and best-in-class performance metrics for ConnectOne. Over the past year, our capital and reserves have grown significantly, providing us the flexibility to grow both organically and through opportunistic M&A, and to return excess capital to shareholders. As a technology-forward bank, we look forward to furthering our investments in infrastructure, communication tools and digital channels as we position our bank for growth in a post-pandemic environment." Underscoring our solid capital position and our continued confidence in ConnectOne's future performance, we are pleased to announce that our Board of Directors has reinstated our previously suspended share repurchase program."
ConnectOne Bancorp initiated with an Overweight at Piper Sandler » 06:0212/1712/17/20
Piper Sandler analyst…
Piper Sandler analyst Frank Schiraldi initiated coverage of ConnectOne Bancorp with an Overweight rating and $25 price target. The stock s has been "unfairly punished" this year given concerns over the bank's proximity to New York City, Schiraldi tells investors in a research note. The analyst is comfortable with ConnectOne's credit and note that the company screens well as far as specific COVID high-risk categories such as restaurant, hotel and retail.
ConnectOne Bancorp names Elizabeth Magennis president, Michael O'Malley CRO » 07:1612/0112/01/20
ConnectOne Bancorp announced three key appointments at the Bank level. Elizabeth Magennis has been elevated to President, Michael O'Malley has been hired as EVP and chief risk officer, and Siya Vansia has been named SVP and chief brand and innovation officer. Magennis was previously EVP and chief lending officer. In her new role, she will oversee the growth and strategic direction of the Bank reporting directly to Frank Sorrentino. Magennis has also been appointed to the Bank's Board of Directors. O'Malley joins ConnectOne from OnDeck Capital, Inc., where he served as Director of Enterprise Risk and Strategic Initiatives and Head of Operational Risk. O'Malley will be responsible for providing effective and proactive risk leadership and ensuring the organization is fully prepared to comply with the regulatory standards applicable to larger banking organizations. Vansia has been with ConnectOne for more than a decade and will guide the Company through its digital transformation, identifying future advancements in products and services.
ConnectOne Bancorp reports Q3 EPS 62c, consensus 56c » 07:1610/2910/29/20
The Company's stockholders' equity was $891 million as of September 30, 2020, an increase of $160 million from December 31, 2019. The increase in stockholders' equity was primarily attributable to the acquisition of BNJ, which increased capital by $118 million and an increase of $38 million retained earnings. As of September 30, 2020, the Company's tangible common equity ratio and tangible book value per share were 9.28% and $16.87, respectively. As of December 31, 2019, the tangible common equity ratio and tangible book value per share were 9.38% and $16.06, respectively. Total goodwill and other intangible assets were approximately $220 million as of September 30, 2020 and $168 million and December 31, 2019. Frank Sorrentino, ConnectOne's Chairman and Chief Executive Officer, stated, "ConnectOne delivered another solid operating performance this quarter, with earnings of $0.62 per share, which speaks to our strong franchise and the continued outstanding execution on our strategic priorities. Our pre-tax, pre-provision, and pre-merger charge operating earnings, as a percent of average assets, reached 2% this quarter, reflecting a continued widening of the net interest margin and an efficiency ratio of 40%, while also driving a 4% increase in our tangible book value per share, to $16.87. We're operating our Bank efficiently, and effectively, and I'm incredibly proud of the way our team has performed during this unprecedented operating environment. Our provision for loan losses was $5 million for the quarter, down significantly from the $31.0 million in total recorded over the two sequential quarters, as our deferred portfolio continues to decline. We currently project that total deferrals as of year-end will aggregate to $200 million to $250 million, or approximately 3% to 4% of total loans, and that more than 90% of those deferrals are well-collateralized. Operationally, we continue to use our full range of banking expertise to support our clients through ConnectOne's virtual bank model. We are a technology-forward bank and our recent investments in infrastructure, communication tools and digital channels have played an instrumental role in our success. We've also continued to successfully implement our branch rationalization strategy as we're moving towards a robust banking hubs model supported by digital tools and resources." Mr. Sorrentino added, "Looking ahead, while the nation and the banking industry continue to face uncertainty, we feel strongly about the strength and the direction of our Company. We're focused on long-term sustainable growth and operating ConnectOne in a disciplined manner. We're also deeply committed to further utilizing technology to remain one of the most efficient banks in the nation."
Rhinebeck to acquire two branches from ConnectOne Bank, terms not disclosed » 07:2910/2610/26/20
Rhinebeck Bancorp (RBKB)…
Rhinebeck Bancorp (RBKB) and ConnectOne Bancorp (CNOB) announced an agreement under which Rhinebeck Bank will acquire two leased branch offices in Orange County, NY and their related deposits, from ConnectOne Bank. The branch offices are located in Monroe and Warwick, New York. The transaction is expected to add more than $50M in deposits for Rhinebeck Bank. The transaction is expected to close late in the fourth quarter of 2020 or early in the first quarter of 2021, subject to regulatory approvals and satisfaction of customary closing conditions. Terms of the transaction were not disclosed.
ConnectOne Bancorp reports Q2 EPS 37c, consensus 39c » 07:2507/3007/30/20
The Company's stockholders' equity was $868 million at June 30, 2020, an increase of $137 million from December 31, 2019. The increase in stockholders' equity was primarily attributable to the acquisition of BNJ, which increased capital by $118 million. As of June 30, 2020, the Company's tangible common equity ratio and tangible book value per share were 8.75% and $16.28, respectively. As of December 31, 2019, the tangible common equity ratio and tangible book value per share were 9.38% and $16.06, respectively. Total goodwill and other intangible assets were approximately $221 million as of June 30, 2020 and $168 million and December 31, 2019. Frank Sorrentino, ConnectOne's Chairman and Chief Executive Officer stated, "We continue to execute on our priorities of using our full range of banking expertise to support our clients, ensuring the safety and well-being of our employees and maintaining a strong financial position. During the quarter, ConnectOne performed well. We reported earnings of $0.37 per share, despite an additional $14 million of reserves due to the uncertainty regarding the pandemic, matching our reserves from the first quarter of 2020 and bringing our total reserves for the total portfolio to approximately 1.08%. Tangible book value per share increased to $16.28. Additionally, we had strong pre-tax operating revenue which was in excess of 1.95% of total average assets, placing us among the strongest in the industry. Operationally, our teams continue to offer essential banking services virtually and, as a technology-forward bank, the investments we've made in financial technology and in our infrastructure over the past few years is playing a critical role in positioning ConnectOne's virtual bank model. Further, we've continued to be a resource to the communities we serve by actively participating in the SBA's Paycheck Protection Program, funding over $470 million of PPP loans. Additionally, our FinTech subsidiary BoeFly - which connects small- to mid-sized businesses to a network of financial lenders - has significantly increased its relationships with borrowers and banking partners and has participated in the PPP programs in a meaningful way. We're operating our Bank efficiently and effectively and I'm proud of the continued resiliency of the ConnectOne team.Looking ahead, while the nation and the banking industry face considerable uncertainty about the length of the pandemic, we have reason to be optimistic. ConnectOne has always been a commercial real estate lender with low loss history, we have low exposure to hot button industries and our C&I portfolio has focused on lending in low-risk industries. We're operating ConnectOne in a disciplined manner, our capital levels are solid, our portfolio is underwritten with low LTVs and reasonable cap rates, and we're confident that together we will all get through this. When we come out on the other side, we expect to get back to executing prudent growth trends and strong metrics, as we focused on in the past."